Etsy Says New Buyer Additions 'Well-Above' Pre-Pandemic Averages After Upbeat Q3
Etsy Inc (NASDAQ:ETSY) said Wednesday that new buyer acquisition has remained well above where it was before the COVID-19 pandemic.
What Happened: The company said that the number of new buyers touched 6.3 million in the third quarter. New buyers decreased by 10% on a year-over-year basis from 7 million in a similar period in 2021.
In the second quarter, the e-commerce platform attracted 6.4 million new buyers.
Etsy considers buyers to be new if they use a unique email address that has never been used on its marketplace.
New buyers remained above the pre-pandemic averages, according to the presentation. The number of new buyers pre-COVID was calculated as the average between the first quarter of 2017 and the fourth quarter of 2019.
The Brooklyn-based company said it is a "community" of 90 million buyers. The company listed 5.1 million "reactivated buyers." Last year in a similar period, reactivated buyers came at 4.1 million.
Etsy describes reactivated buyers as shoppers who didn't make a purchase in a year and then returned to the platform to buy.
See Also: How To Buy Stocks Online: Step-By-Step Guide
Why It Matters: Etsy's third-quarter revenue rose 11.7% year-over-year to $594.47 million, according to the third-quarter results.
The company's third-quarter earnings per share came in at $0.58, above the $0.37 Street estimate, according to data from Benzinga.
The e-commerce firm expects fourth-quarter revenue to range between $700 million and $780 million compared with average estimates of $742.04 million.
Price Action: On Wednesday, Etsy shares shot up 10.5% in extended trading to $96.70 after closing 4.25% lower at $87.54 in the regular session, according to Benzinga Pro data.
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